Lloyds Bank, Halifax and Bank of Scotland increase interest rates on savings accounts

Lloyds Bank and Halifax logos on wall

Lloyds Bank and Halifax will increase interest rates on various savings accounts

ALAMY
Jessica Sheldon

By Jessica Sheldon


Published: 07/08/2023

- 15:29

Updated: 11/10/2023

- 17:22

Lloyds Banking Group is increasing interest rates across Lloyds Bank, Halifax and Bank of Scotland instant access savings accounts.

Lloyds Bank, Halifax and Bank of Scotland customers are set to see interest rate rise of up to 30 basis points on their instant access savings accounts.

The changes will come into effect on August 22.

The increases come days after the Bank of England increased the base rate by 0.25 percentage points to 5.25 per cent.

The base rate, which has now been increased 14 consecutive times, is at the highest level in 15 years.

Halifax logo on front of bank branch

Halifax will increase interest rates by up to 30 basis points

ALAMY

Full list of Halifax interest rate rises

Halifax will increase the Everyday Saver and ISA Saver Variable on balances from £1 to £9,999 by 30 basis points to 1.45 per cent.

Account – Rate (increase)

  • Everyday Saver & ISA Saver Variable (balances from £1- £9999) - 1.45% (+30bps)
  • Everyday Saver & ISA Saver Variable (balances from £10,000-£49,999) - 1.50% (+25bps)
  • Everyday Saver & ISA Saver Variable (balances of £50,000 or more) - 1.80% (+15bps)
  • Help to Buy ISA (balances from £1- £12,000) - 2.90% (+15bps)
  • Help to Buy ISA (balances of more than £12,000) - 1.45% (+30bps)
  • Junior Cash ISA - 3.65% (+15bps)
  • Kids Saver (balances from £1- £5,000) - 3.40% (15bps)
  • Kids Saver (balances of more than £5,000) - 1.45% (+30bps)
  • Money Smart (balances from £1-£1,000) - 3.40% (+15bps)
  • Money Smart (balances of more than £1,000) - 1.45% (+15bps)

Full list of Lloyds Bank interest rate rises

Lloyds Bank will increase the Easy Saver and Cash ISA Saver by 30 basis points to 1.40 per cent, on balances from £1 to £24,999.

Account – Rate (increase)

  • Easy Saver and Cash ISA Saver (balances from £1-£24,999) - 1.40% (+30bps)
  • Easy Saver and Cash ISA Saver (balances from £25,000-£99,999) - 1.45% (+10bps)
  • Easy Saver and Cash ISA Saver (balances of £100,000 or more) - 1.90% (+10bps)
  • Help to Buy ISA (balances from £1-£12,000) - 2.90% (+15bps)
  • Help to Buy ISA (balances of more than £12,000) - 1.40% (+30bps)
  • Junior Cash ISA - 3.15% (+15bps)
  • Childrens Saver (balances from £1- £5,000) - 3.15% (15bps)
  • Childrens Saver (balances of more than £5,000) - 1.40% (+30bps)
  • Smart Start (balances from £1-£1,000) - 3.15% (+15bps)
  • Smart Start (balances of more than £1,000) - 1.4% (+15bps)
  • Club Lloyds Saver (balances from £1-£24,999) * - 1.70% (+20bps)
  • Club Lloyds Saver (balances from £25,000-£99,999) * 1.75% (+0bps)
  • Club Lloyds Saver (balances of £100,000 or more) * - 2.20% (+0bps)

*Requires Club Lloyds account

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Bank of Scotland logo on side of bank branch

The Bank of Scotland is boosting various interest rates

ALAMY

Full list of Bank of Scotland interest rate rises

The Bank of Scotland is increasing the Access Saver and Access Cash ISA rate by 30 basis points to 1.45 per cent on balances from £1 to £9,999.

Account – Rate (increase)

  • Access Saver & Access Cash ISA (balances from £1- £9,999) - 1.45% (+30bps)
  • Access Saver & Access Cash ISA (balances from £10,000- £49,999) - 1.50% (+25bps)
  • Access Saver & Access Cash ISA (balances of £50,000 or more) - 1.80% (+15bps)
  • Help to Buy ISA (balances from £1- £12,000) - 2.90% (+15bps)
  • Help to Buy ISA (balances of more than £12,000) - 1.45% (+30bps)
  • Junior Cash ISA - 3.15% (+15bps)
  • Childrens Saver (balances from £1-£5,000) - 3.15% (15bps)
  • Childrens Saver (balances of more than £5,000) - 1.45% (+30bps)
  • Smart Start (balances from £1-£1,000) - 3.15% (+15bps)
  • Smart Start (balances of more than £1,000) - 1.45% (+15bps)

MoneySavingsInterest ratesBank of England
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